Adapthealth Corp (AHCO)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	2,094,610	2,126,800	2,135,620	2,169,440	2,153,270	2,162,090	2,170,910	2,179,730	2,183,550	2,187,370	1,776,330	1,748,830	776,568	722,730	443,248	463,553	395,112	—	—	—
Total stockholders’ equity	US$ in thousands	1,458,450	1,732,480	2,180,940	2,159,890	2,151,160	2,154,370	2,133,220	2,115,360	2,061,910	1,990,110	1,889,960	1,788,280	354,889	360,999	8,491	-33,173	-14,520	5,000	5,000	5,000
Debt-to-capital ratio		0.59	0.55	0.49	0.50	0.50	0.50	0.50	0.51	0.51	0.52	0.48	0.49	0.69	0.67	0.98	1.08	1.04	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $2,094,610K ÷ ($2,094,610K + $1,458,450K)
= 0.59

The debt-to-capital ratio of AdaptHealth Corp has been relatively stable over the past eight quarters, ranging from 0.50 to 0.60. This ratio reflects the proportion of the company's capital structure that is financed by debt. A higher ratio indicates a greater reliance on debt financing, which can increase financial risk due to higher interest payments and potential liquidity challenges.

In Q4 2023, the debt-to-capital ratio increased to 0.60 from 0.56 in the previous quarter, indicating a higher proportion of debt in the company's capital structure. This could be a result of increased borrowing or a decrease in capital. It is essential for investors and analysts to monitor changes in this ratio over time to assess the company's financial health and risk profile. Further analysis of the company's debt levels, profitability, and liquidity position would provide additional insights into its overall financial condition.